Ethereum Pectra is Soaring: Experienced the Biggest Daily Increase in 4 Years! - Coin Bulletin

Ethereum (ETH), after the new Pectra update, has risen by 20%, marking the largest daily gain seen since 2021, while surpassing the $2,200 level indicates that investors' risk appetite has increased.

Ethereum experienced a significant rally following the Pectra update held on Tuesday. According to CoinDesk data, the ETH price exceeded $2,200 on Thursday evening, marking a 20% increase within the last 24 hours. This increase is recorded as the largest daily gain since May 2021.

Presto Research analyst Min Jung stated, "After staying behind BTC for most of the year, ETH has finally started to recover." Jung explained, "The Pectra update helped to restore some confidence, and while the ETH/BTC ratio has decreased by about 40 percent to the level of 0.02 since the beginning of the year, it is not surprising that buyers are stepping in at these levels."

the biggest update since 2022

Described as the Ethereum network's most significant update since the 2022 Merge, Pectra went live on Tuesday. The update includes EIP-7251**, which increases the staking limit from 32 ETH** to 2,048 ETH, EIP-7702**, which improves wallet usability allowing for temporary smart contract functionality, and nine other Ethereum Improvement Proposals.

On the other hand, CryptoQuant stated in a recent research report that the weak network activity on the Ethereum blockchain has not grown since 2021 and that recovery to previous peaks may not happen immediately despite the rally. This situation indicates that the price increase is not yet fully supported by fundamental indicators.

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